Micromax gears up to launch its own mobile wallet

Indian mobile manufacturer, Micromax is gearing up to launch its own mobile wallet via Yu Televentures. Yu Televentures is currently owned by Micromax itself. The company will partner with some payment firms for its mobile Wallet service. This mobile wallet from Micromax will allow customers to buy various services.

Yu Televentures have entered into software business by launching Around Yu, which is a suite of services bundled into its new smartphone Yutopia. According to the company, it is planning to make a strategic investment in payment company and the deal will be final within a month.

The co-founder of Micromax, Rahul Sharma said, “All these services will be deeply integrated and stitched with one payments system. The company has been diversifying its business to include high-margin software, services and creating new revenue streams.” He also added, “You will see us investing in more companies and then integrate them in our services platform.”

Yu Televentures, the Micromax owned company has been working on the services platform for almost a year now. In the initial phase it offers its services in local cabs, flight, hotels, foods and shopping categories, but the company is planning to add more categories in near future. It is looking to launch recharges and healthcare as next categories.

Payment sector in India is currently growing, as lots of mobile wallet has been in the market. Currently available mobile payment services in India are Paytm, Freecharge Wallet, Mobikwik, Citrus, PayU and some other services are about to launch. Last month, India’s largest bank State Bank of India had also announced that it is going to launch its own mobile wallet named “Batua”.